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Peter Thiel, the luminary venture capitalist billionaire, has used a common personal retirement account as his own “$5 Billion Tax-Free Piggy Bank,” according to a new report from the nonprofit news organization ProPublica. ProPublica said the documents showed that Thiel started a Roth IRA 22 years ago with assets that at the time were worth less than $2,000. According to ProPublica, Thiel began the Roth IRA with his shares of his startup, PayPal, which he originally co-founded in 1998 under the name Confinity. In 2004, when Thiel spent $500,000 and received in return a substantive stake in a nascent Facebook, that too went into Thiel’s Roth IRA account. Tax experts said Thiel was clearly taking advantage of the Roth tax allowances.
Persons: Peter Thiel, ProPublica, Roth IRAs, Roth, Thiel, ” Thiel’s, Jeremiah Hall, Sen, Ron Wyden, Thiel’s, , , Tom Anderson, Anderson, ’ ” Anderson, Thiel’s Roth, Steve Wamhoff, Bernie Sanders, it’s, ” Wamhoff Organizations: Free Piggy Bank, NBC News, Revenue, NBC, PayPal, Senate Finance Committee, PENSCO Trust Company, eBay, Facebook, Roth IRA, Taxation, Economic, “ Lawmakers, ProPublica, Office Locations: California
How to file a claim with your homeowners insurance companyThere are three components to homeowners insurance: dwelling coverage, personal property coverage, and personal liability coverage. Earthquakes, floods, government seizures, mudslides, ordinance updates, sewer backups, and sinkholes are all perils that won't be covered by homeowners insurance, according to Hippo Insurance. Do not assume that your homeowners insurance carrier is in contact with your flood insurance provider. Talk to your homeowners insurance provider to find out how filing a claim may impact future premiums. If your homeowners insurance company hasn't provided the level of service you expected, maybe it's time to select a new provider.
Persons: Steve Wilson, Ashlee Tilford,, hasn't, Ronda Lee Organizations: American, Hippo Insurance, Homeowners, Insurance Locations: Earthquakes, . Power
Private investors on board with sustainable infrastructure transition
  + stars: | 2021-06-25 | by ( ) + 0.95   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrivate investors 'largely on board' with transition to sustainable infrastructure: Bain & Co.Satish Shankar of Bain & Company says private investors see sustainable investing as "an opportunity not just to do public good, but also to make money."
Persons: Satish Shankar Organizations: Bain, Co, Bain & Company
Insider spoke with seven merchants in four countries whose Shopify accounts were hacked. The sellers lost thousands of dollars and thought Shopify would reimburse them. But when sellers are hacked, they're finding the Canadian e-commerce company does little to help them recoup their losses — and even demands that victims pay the company back. Then she lost $55,000 when her Shopify account was hacked, she said. When asked whether either incident was related to the hacked seller accounts Insider discovered, Shopify didn't respond.
Persons: Shopify, Sellers, Kate Tuff, Candy, Lisa Schotman, Andi Rosenberg, Mark, Stephanie Norton, Norton, Kylie Cosmetics, Kraft Heinz, they've Organizations: Business, Service, Shopify, Kraft Locations: Shopify, Texas, Amsterdam, Netherlands, Queens , New York, Canada, California
Kansai Electric faces pressure from shareholders to decarbonise
  + stars: | 2021-06-24 | by ( Aaron Sheldrick | ) sentiment -0.78   time to read: +2 min
TOKYO, June 24 (Reuters) - Some Kansai Electric Power shareholders, including Nordea Asset Management and KLP, say they will back a resolution opposed by the board requiring the Japanese electricity supplier to decarbonise to meet international targets on climate change. The resolution put forward by the City of Kyoto, which owns a stake in Kansai and gave its name to the first international climate change agreement, requires Kansai Electric to stop building new coal plants and to use carbon capture and storage for its existing coal stations, a city official told Reuters earlier. Kansai Electric did not immediately respond to a request for comment. Kansai Electric which serves Osaka and its industrial environs - an area with roughly the same economic output as Mexico - this week restarted an old reactor that had to get special approval to remain in operation. AkademikerPension of Denmark will also back the resolution, its CEO, Jens Munch Holst, said.
Persons: Nordea, ” Eric Christian Pedersen, , Kiran Aziz, Jens Munch Holst Organizations: Kansai Electric Power, Nordea Asset Management, City, Kansai Electric, Reuters, Kansai Electric Power Company, Electric Locations: TOKYO, Europe, United States, Japan, Kyoto, Kansai, Danish, Osaka, Mexico, KLP, Denmark
President Joe Biden is nominating Cindy McCain to be the U.S. representative to the United Nations Agencies for Food and Agriculture, one of 17 nominations announced Wednesday that included major diplomatic and arts assignments. McCain, the widow of Arizona Sen. John McCain, broke with Republicans and endorsed Biden for president, making her a key surrogate for the Democrat after Donald Trump spent years criticizing her husband. McCain is the chair and director of the Hensley Beverage Company, a Phoenix-based distributor of beer, wine, spirits and nonalcoholic drinks. The president is also nominating Massachusetts state Rep. Claire Cronin to be ambassador to Ireland. Jack Markell, a former Delaware governor, is being nominated to represent the U.S. to the Organization for Economic Co-operation and Development.
Persons: Joe Biden, Cindy McCain, McCain, Arizona Sen, John McCain, Biden, Donald Trump, Claire Cronin, Michael Carpenter, Jack Markell, Fiona Whelan Prine, John Prine Organizations: United Nations Agencies, Food, Agriculture, Republicans, Democrat, Hensley Beverage Company, Massachusetts, Ireland, European Union, Penn Biden Center for Diplomacy, University of Pennsylvania, Organization for Security, Cooperation, Organization for Economic Co, Development, National Council, Arts, Oh Boy Records Locations: U.S, Arizona, Phoenix, Northern Ireland, Europe, Delaware
Ad-Tech Company Innovid to Go Public Through Proposed SPAC Merger
  + stars: | 2021-06-24 | by ( Alexandra Bruell | ) + 0.00   time to read: +2 min
Advertising-technology company Innovid Inc. said it plans to go public through a merger with a new special-purpose acquisition company from ION Asset Management Ltd., adding to a growing list of ad-tech firms going public or considering deals. Innovid is planning to raise $403 million through a roughly $150 million private investment in public equity, or PIPE, at $10 per share, and $253 million from the SPAC, called ION Acquisition Corp. 2. ION Asset Management is an Israel-based investment management company. “Innovid is entering an exciting new chapter of growth as a public company, a major milestone that corresponds with rising adoption and demands for streaming television,” said Zvika Netter, co-founder and chief executive of Innovid, in a statement. Innovid’s existing investors, including Goldman Sachs, Sequoia Capital, NewSpring Capital, Genesis Partners and Vintage Investment Partners, will remain shareholders after the proposed SPAC merger is completed, the company said.
Persons: Innovid, , Zvika Netter, Goldman Sachs, Zoë Soriano, Alexandra Bruell Organizations: Innovid Inc, ION Asset Management Ltd, ION, Corp, Management, Sprinklr Inc, Science Inc, Inc, Viant Technology Inc, AppLovin Corp, DoubleVerify Holdings Inc, Taboola Ltd, Sequoia Capital, NewSpring, Genesis Partners, Vintage Investment Partners Locations: Israel, New York
JPMorgan Buys Stake in Robert Kraft's Sports-Data Company
  + stars: | 2021-06-24 | by ( Andrew Beaton | David Benoit | ) + 1.00   time to read: +1 min
JPMorgan Chase & Co. has bought a stake in the analytics company that helped make New England Patriots owner Robert Kraft a sports mogul. The unusual partnership signals the growth potential JPMorgan sees in sports ownership for its wealthiest clients. “The biggest thing we realized is everyone who buys a sports team initially, they’re very focused on the field,” said Mr. Kraft, whose team has won six Super Bowls. JPMorgan is its first strategic investor. The proprietary data KAGR provides can give owners a better understanding about who their customers are and help them find other uses for their stadiums.
Persons: Robert Kraft, , Kraft Organizations: JPMorgan Chase &, New England Patriots, JPMorgan, Kraft Analytics, National Football League
Luminar Technologies Inc., which makes sensors for autonomous cars, is looking to boost production while building up a cash cushion on its balance sheet. The Orlando, Fla.-based company took advantage of the investor frenzy for public listings by merging with a special-purpose acquisition company in December. As a public company, however, Luminar must be mindful of how it spends the cash, he added. Newsletter Sign-up CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. Tom Fennimore serves as the chief financial officer for Orlando, Fla.-based Luminar Technologies.
Persons: Tom Fennimore, Luminar, Fennimore, , , Tristan Gerra, Robert W, Baird, Richard Shannon, Shannon, “ They’re, Kristin Broughton Organizations: Luminar Technologies Inc, Volvo, Zhejiang Geely Holding, Daimler, SAIC Motor Corp . Ltd, Technologies, Luminar Technologies, Mr, Celestica Inc, Co, IHS Markit, Luminar, Craig, Hallum, Aeva Technologies Locations: Orlando, Fla, Monterrey, Mexico, Canadian, Kristin.Broughton
How the Office Became a Place to Work
  + stars: | 2021-06-24 | by ( Amanda Foreman | ) sentiment -0.99   time to read: +2 min
Wall Street wants its workforce back in the office. Contrary to popular belief, office work is not a beastly invention of the capitalist system. The word “office” is an amalgamation of the Latin officium, which meant a position or duty, and ob ficium, literally “toward doing.” Geoffrey Chaucer was the first writer known to use “office” to mean an actual place, in “The Canterbury Tales” in 1395. Three years later, the East India Company began administering its Indian possessions from gleaming new offices in Leadenhall Street. The essayist and critic Charles Lamb joined the East India Company there as a junior clerk in 1792 and stayed until his retirement, but he detested office life, calling it “daylight servitude.” “I always arrive late at the office,” he famously wrote, “but I make up for it by leaving early.”
Persons: Amanda Foreman, Morgan Stanley, Goldman Sachs, ” Geoffrey Chaucer, Medicis, Florence, Charles Lamb, ” “, Organizations: Bank of America, Royal Navy, Ripley, Admiralty, East India Company Locations: Mesopotamia, , Europe, British, London, Leadenhall
Environmental Investing Frenzy Stretches Meaning of ‘Green’
  + stars: | 2021-06-24 | by ( Justin Scheck | Eliot Brown | Ben Foldy | ) sentiment -0.95   time to read: +1 min
Now he’s trying again, but with a twist: Mr. Barron is positioning his new seabed mining venture, The Metals Company, as green, to capitalize on a surge of environmentally minded investment. TMC is set to receive nearly $600 million in investor cash in a deal slated to take the company public in July. If successful, that would value TMC at $2.9 billion—more than any mining company ever to go public in the U.S. with no revenue. Some money managers are stretching the definition of green in how they deploy investors’ funds. Now billions of dollars earmarked for sustainable investment are going to companies with questionable environmental credentials and, in some cases, huge business risks.
Persons: Gerard Barron, he’s, Barron, Organizations: South, The Metals Company Locations: South Pacific, U.S
As Stick Shifts Fade Into Obscurity, Collectors See Opportunity
  + stars: | 2021-06-24 | by ( Rob Sass | ) + 0.93   time to read: +2 min
Last month, that auction company sold a 2007 Ferrari 599 GTB Fiorano for $692,500. It was one of just 30 built with a manual transmission for that year, and it cost about $313,000 when new. “The spike in values has been noticeable,” said David Gooding, founder of the California-based auction firm Gooding & Company. The phenomenon repeats in the online auction world, and has spread to less expensive cars. Randy Nonnenberg, co-founder of the online auction company Bring a Trailer, points to manual BMW M3s and M5s from the early and mid-2000s as particularly in demand.
Persons: , Alexander Weaver, David Gooding, Weaver, Gooding, Randy Nonnenberg Organizations: Sotheby’s, Ferrari, Gooding & Company, Lamborghini, Porsche, BMW Locations: Canadian, California
IBM explores AI tools to spot, cut bias in online ad targeting
  + stars: | 2021-06-24 | by ( Paresh Dave | ) + 0.00   time to read: +3 min
The company told Reuters on Thursday that a team of 14 will research "fairness" in ads over the next six months, exploring ways to spot and mitigate unintended bias, including in audiences and the messages themselves. "The foundation of advertising is crumbling and we have to rebuild the house," IBM Senior Vice President Bob Lord said. IBM's Watson Advertising unit sells ads on its The Weather Company properties and also provides ad software to other businesses. IBM is researching whether artificial intelligence programs can spot that and then redirect the ads more equally. "We hope this research undertaking will help validate that the steps we take to mitigate unintended bias (and) identify areas for us and others to continue refining."
Persons: Sergio Perez, Bob Lord, IBM's Watson, Robert Redmond, Redmond, Lisa Sherman, Paresh Dave, Richard Pullin Organizations: IBM, Mobile, REUTERS, IBM Corp, Reuters, U.S, Facebook Inc, Google, Weather Company, Thomson Locations: Barcelona, Spain, United States, Oakland , California
Warren Buffett donated $4.1 billion of Berkshire Hathaway stock to charity this week. Berkshire has ramped up share buybacks, increasing Buffett's ownership of his company. Stock buybacks explain that disconnect. The latest $6.5 billion outlay is based on Buffett's disclosed Berkshire stake in a regulatory filing this week. Moreover, he pointed out that Berkshire's own share repurchases have boosted its shareholders' indirect ownership of Apple, the biggest position in Berkshire's stock portfolio by far.
Persons: Warren Buffett, Buffett Organizations: Berkshire Hathaway, Service, Apple, Berkshire Locations: Berkshire, repurchases, Buffett's
TV ad tech company Innovid plans going public via SPAC
  + stars: | 2021-06-24 | by ( Megan Graham | ) + 0.00   time to read: +4 min
Innovid, a 14-year-old ad tech company focused on connected television, plans to go public via a merger with a publicly traded special purpose acquisition company. Innovid runs a software platform that helps advertisers create, deliver and measure ads on streaming video services and internet-connected TV platforms — its name is a play on "innovation in video." The ad tech space has seen a flurry of public entrants in the past year. "There is a good recognition of good companies that are very tech-heavy. It's almost like a second wave of ad tech IPOs.
Persons: NBCUniversal's Peacock, Zvika Netter, Innovid, that's, Zetter, Goldman Sachs, Netter, That's, Peacock Organizations: YouTube, L'Oreal, Toyota, GlaxoSmithKline, CNBC, Google's, CTV, Google, ION, Corp, Fidelity Management, Research Company, Baron Capital Group, Sequoia Capital, Newspring, Genesis Partners Locations: Hulu, Innovid, U.S
Travis Kalanick's CloudKitchens — and the ghost kitchen model — is losing some of its luster. Bareburger, a New York-based casual-dining chain, opened two ghost kitchens with CloudKitchens in Philadelphia in late summer 2020. Mendocino Farms, an upscale sandwich chain in Southern California, rents kitchen space from a CloudKitchens facility in Long Beach, California. He's repeating the same test later this year by opening a delivery-only Mendocino Farms inside a soon-to-open CloudKitchens facility in Oakland, California. These operations are "90% solely dependent on third-party delivery" operators who charge hefty commission fees, he said.
Persons: Travis Kalanick, Travis Kalanick's CloudKitchens —, CloudKitchens, Uber, They're, Insider's Meghan Morris, didn't, Euripides Pelekanos, hasn't, Pelekanos, Andy Wiederhorn, Geoff Alexander, Bao, Alexander, Kevin Miles, Miles, he's Organizations: & Company, CloudKitchens, FAT, Buffalo's Locations: Los Angeles, Chicago, New York, Philadelphia, Queens , New York, California, Mendocino, Southern California, Long Beach , California, Oakland , California
Live Live Updates: Senators to Brief Biden on Infrastructure ‘Breakthrough’ A bipartisan group of senators and White House negotiators have agreed on a framework for an infrastructure agreement. Senator Jeanne Shaheen, Democrat of New Hampshire, and other senators met with White House officials on Tuesday to discuss infrastructure proposals. Allegations of forced labor in the solar panel supply chain have created a dilemma for President Biden and his aides. The Biden administration had faced pressure to take action regarding products containing polysilicon produced in the region. Rodney S. Scott, the chief of the United States Border Patrol, near a border wall construction site outside McAllen, Texas, in October.
Persons: Biden’s, Biden, Jeanne Shaheen, Erin Schaff, Donald J, Trump, Kamala Harris, , Susan Collins, “ There’s, , we’ve, Jen Psaki, Emily Cochrane, Polat, Zhao Lijian, Zhao, ” Thomas Kaplan, David Guttenfelder, Ashraf Ghani, Helene Cooper, Eric Adams, James Estrin, Harris, Southern Border Jen Psaki, Kamala Harris’s, She’ll, Alejandro Mayorkas, I’ve, Mayorkas, Carlos Barria, Harris’s, Lester Holt, ” Jen Psaki, Greg Abbott of Texas, Zolan Kanno, Ramon Espinosa, exhorting, Biden administration’s “, Fidel Castro, Obama, , Rodney S, Scott, Sergio Flores, ” Mr Organizations: Biden, Infrastructure, White House, Democrat, White, The New York Times White House, Mr, Internal Revenue Service, Republican, Workers, Associated Press, . Customs, Protection, Hoshine Silicon Industry Company, Commerce Department, Industry, New Energy Company, Xinjiang East Hope Nonferrous Metals Company, Xinjiang GCL, Energy Material Technology Company, Construction Corps, Labor Department, Customs, House Democrats, China’s Ministry of Foreign Affairs, Politico, Associated, American, Officials, U.S ., Democratic, ., New York Times, Brooklyn Borough Hall, Senior Democrats, Plan, Southern Border, Wednesday, Department of Homeland, Border Patrol, , Credit, Reuters, NBC, House Republicans, Gov, United Nations General Assembly, United Nations, United, Congress, United States Border, The New York Times, Department of Homeland Security, Central America, Republicans, Patrol, Homeland Security Locations: New Hampshire, Maine, U.S, Hami, China's Xinjiang, China, Xinjiang, United States, Xinjiang East Hope, Beijing, Washington, Kunar Province, Afghanistan, New York City, Brooklyn, Southern, El Paso , Texas, El Salvador, Guatemala, Honduras, Mexico, Border, H.H.S, Mexico City, Europe, Central America, Cuba, Havana, Florida, McAllen , Texas, Central, Canada, Portland
Workers linked to a US company were interrogated by Chinese officials in April, sources told Axios. The workers were linked to nonprofit Verité, which investigates labor abuses in global supply chains. At least seven people working in partnership with a US labor-rights company were interrogated for several days by Chinese officials, Axios reported. Chinese authorities questioned people working on behalf of Verité in April, Axios reported, citing several unnamed sources familiar with the matter. Verité is a Massachusetts-based nonprofit that investigates possible labor abuses in supply chains.
Persons: Axios, Verité Organizations: State Department, US State Department, Nike, Disney Locations: Verité, Massachusetts, China, Xinjiang
He vested 13 months of stock options before leaving, which he sold in February 2002. I joined PayPal in fall 1999 before Confinity and merged in 2000 and Elon Musk came into the picture. Musk started — which later became PayPal — in 1999, but the merger with came after I joined PayPal — so technically, I was at PayPal before Musk. It was a very good customer-service salary, and the promise of stock options was the big selling point. When I finally left the company in 2000, I had vested 13 months of stock options.
Persons: Dan Chan, he'd, would've, Elon Musk, Confinity, Musk, PayPal —,, I'd, Damon, Jason Billian, , Damon Billian, David Sacks, Eric Jackson's, Jackson, Sal Giambanco —, Giambanco, Chan, eBay's Organizations: PayPal,, Elon, Musk, University of California, Microsoft, Silicon Valley Bank, eBay, Media, Mafia, Honda, Disney, PayPal Mafia Locations: Riverside, California, Palo Alto, India, Silicon, Omaha , Nebraska, Mountain View , California, Russian
The White House on Thursday announced steps to crack down on forced labor in the supply chain for solar panels from Xinjiang, including a ban on imports from a silicon producer there. The agency “has information reasonably indicating that Hoshine uses forced labor to produce its silica-based products,” Alejandro N. Mayorkas, the homeland security secretary, said at a news conference. The action was notable given the Biden administration’s push to expand the use of solar power in the United States to help achieve its climate goals. China dominates the global supply chain for solar power, producing a significant amount of the materials and parts needed for solar panels. Cutting off access to some imports could crimp the ability of the United States to get the materials it needs to expand solar use domestically.
Persons: , Alejandro Organizations: . Customs, Border Protection, Hoshine Silicon Industry Company, Biden Locations: Xinjiang, United States, China
Doximity sold 19 million shares for $26 a piece Wednesday night, above its projected range of $20 to $23, and an existing investor sold another 4.3 million. Meanwhile, telehealth company MDLive was acquired by Cigna in February for an undisclosed amount and two venture-backed health-tech companies, Grand Rounds and Doctor on Demand, merged in March, creating a multibillion-dollar business. For Doximity, telehealth is a new business. As part of the offering, Doximity reserved 15% of the shares for doctors in the network. Assuming doctors maxed out their participation, they purchased about $91 million worth of Doximity stock.
Persons: Jeff Tangney, Doximity, Amwell, Teladoc, MDLive, Doximity's, Tangney, maxed Organizations: New York Stock Exchange, Doximity, . Investors, Teladoc, Cigna, InterWest Partners Locations: Doximity, U.S
All Omnicom employees are now required to provide proof of vaccination before entering a US office. An Omnicom spokeswoman referred to a website outlining the company's five-step plan for returning to the office. Most US regions are now at step three, with managers asked to invite vaccinated employees back. "This requirement does not mean Omnicom is requiring employees to be vaccinated," it read. All clients, guests, and vendors to our office facilities will not be required to show proof of vaccination."
Persons: John Wren Organizations: Service, &, WPP, IPG Locations: Ketchum
The already profitable company has not raised any new money since its Series C round in 2014. Doximity's CEO tells Insider he hasn't spent any of the money raised from investors seven years ago. Doximity, the already profitable social network for healthcare professionals, just went public after raising over $600 million in its IPO. But the San Francisco-based company has blazed towards the public markets with just $81.8 million in total private funding from investors. At the closing price, Doximity is valued at $9.6 billion, based on the number of outstanding shares listed in its SEC filing.
Persons: hasn't, Jeff Tangney, Draper Fisher Jurvetson, Rowe Price, Morgan Stanley, Kevin Spain, Tangney Organizations: SEC Locations: San Francisco, Spain, Doximity
Salesforce first-ever chief equality officer Tony Prophet is retiring, according to an internal memo. Prophet was hired as Salesforce's first chief equality officer in 2016, responsible for overseeing the company's diversity and inclusion efforts. "As our first chief equality officer, Tony built the foundation for the Office of Equality," Salesforce chief people officer Brent Hyder wrote in the memo, which was sent to the company via Slack message last week. Lori Castillo Martinez, Salesforce's senior VP global employee relations and equality, has taken over Salesforce's equality efforts during Prophet's medical leave, and will continue to fill those duties as the company searches for a new chief equality officer, the memo said. It has proactively closed gender and racial pay gaps since 2015, was one of the first companies to hire a chief equality officer when Prophet joined in 2016, and reports its internal diversity statistics every year.
Persons: Salesforce, Tony Prophet, Prophet, Salesforce's, Marc Benioff trumpeted, Tony, Brent Hyder, Slack, Hyder, Lori Castillo Martinez, Nathalie Scardino, Cynthia Perry, Vivianne Castillo — Organizations: Tech, Service
A California man has been arrested for allegedly stealing 42,000 pounds of pistachios from a local grower, the Tulare County Sheriff's Department said this week. When employees at Touchstone Pistachio Company in Terra Bella, California, conducted a routine audit of their inventory earlier this month, they noticed several thousand pounds of their product, nearly enough to fill a tractor-trailer, was missing. Montemayor had been working for Montemayor Trucking, a family business that Touchstone Pistachio Company hired as a contractor this year, according to The New York Times. The agricultural unit was able to recover 40,000 pounds of the stolen pistachios, which Montemayor allegedly stored inside a tractor-trailer. Montemayor, who could not be reached for comment, could be charged with possession of stolen property and grand theft of agricultural commodities, the sheriff's department.
Persons: Alberto Montemayor, John England, Montemayor Organizations: Tulare County Sheriff's Department, Touchstone Pistachio, Touchstone, Montemayor, Touchstone Pistachio Company, The New York Times, American Pistachio Growers Locations: California, Tulare County, Terra Bella , California, pistachios, England, U.S, California , Arizona, New Mexico
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